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Hard Times:
College Majors, Unemployment and Earnings
Anthony P. Carnevale and Ban Cheah
May 29, 2013
Overview
•  It pays to have a college degree, but not all degrees
lead to the same earnings and employment levels.
•  College graduates with work experience have a better
chance of finding employment.
•  Non-technical majors tend to have higher rates of
unemployment.
Unemployment
•  Overall unemployment rates for college graduates in 2010
with work experience hover around 4.6 to 4.7 percent.
•  The overall unemployment rate for recent college
graduates in 2010 is higher at 7.9 percent.
Lowest Unemployment by Major
•  Unemployment rates decrease as graduates gain
experience.
•  The majors with the lowest unemployment are:
– Nursing 4.8%
– Elementary Education 5%
– Physical Fitness, Parks & Recreation 5.2%
– Chemistry 5.8%
– Finance 5.9%
Highest Unemployment by Major
•  The majors with the highest unemployment rate are:
– Political Science 11.1%
– Film, Video & Photography Arts 11.4%
– Anthropology 12.6%
– Architecture 12.8%
– Information Systems 14.7%
Earnings
•  Earnings increase in all majors as graduates gain
experience.
Highest Paying Majors
•  Median earnings among recent college graduates
range from $54,000 for engineering majors to
$30,000 for arts, psychology and social work, and life
and physical sciences.
•  The highest paying majors continue to be in
engineering.
Stable and Growing Occupations
•  Recent college graduates in engineering can
expect comparatively low unemployment rates,
from around 7.0 to 8.1 percent.
•  Recent engineering graduates can expect
anywhere around $51,000 per year to $57,000
per year.
•  An engineering graduate degree holder can
expect around $95,000 to $109,000, and
unemployment ranges from 2.3 to 3.1 percent.
Conclusion
•  Attending college is the best option for finding
employment opportunities.The more advanced your
degree, the more likely you are to earn more.
•  Not all college degrees are created equally, and what
major you take matters the most.
For more information:
See the full report at: cew.georgetown.edu/HardTimes2013
Email Us | cewgeorgetown@georgetown.edu
Follow Us on Twitter | @GeorgetownCEW
Find Us on Facebook | Facebook.com/GeorgetownCEW
Follow Us on LinkedIn | linkedin.com/company/georgetowncew

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Hard times 2013

  • 1. Hard Times: College Majors, Unemployment and Earnings Anthony P. Carnevale and Ban Cheah May 29, 2013
  • 2. Overview •  It pays to have a college degree, but not all degrees lead to the same earnings and employment levels. •  College graduates with work experience have a better chance of finding employment. •  Non-technical majors tend to have higher rates of unemployment.
  • 3. Unemployment •  Overall unemployment rates for college graduates in 2010 with work experience hover around 4.6 to 4.7 percent. •  The overall unemployment rate for recent college graduates in 2010 is higher at 7.9 percent.
  • 4. Lowest Unemployment by Major •  Unemployment rates decrease as graduates gain experience. •  The majors with the lowest unemployment are: – Nursing 4.8% – Elementary Education 5% – Physical Fitness, Parks & Recreation 5.2% – Chemistry 5.8% – Finance 5.9%
  • 5. Highest Unemployment by Major •  The majors with the highest unemployment rate are: – Political Science 11.1% – Film, Video & Photography Arts 11.4% – Anthropology 12.6% – Architecture 12.8% – Information Systems 14.7%
  • 6. Earnings •  Earnings increase in all majors as graduates gain experience.
  • 7. Highest Paying Majors •  Median earnings among recent college graduates range from $54,000 for engineering majors to $30,000 for arts, psychology and social work, and life and physical sciences. •  The highest paying majors continue to be in engineering.
  • 8. Stable and Growing Occupations •  Recent college graduates in engineering can expect comparatively low unemployment rates, from around 7.0 to 8.1 percent. •  Recent engineering graduates can expect anywhere around $51,000 per year to $57,000 per year. •  An engineering graduate degree holder can expect around $95,000 to $109,000, and unemployment ranges from 2.3 to 3.1 percent.
  • 9. Conclusion •  Attending college is the best option for finding employment opportunities.The more advanced your degree, the more likely you are to earn more. •  Not all college degrees are created equally, and what major you take matters the most.
  • 10. For more information: See the full report at: cew.georgetown.edu/HardTimes2013 Email Us | cewgeorgetown@georgetown.edu Follow Us on Twitter | @GeorgetownCEW Find Us on Facebook | Facebook.com/GeorgetownCEW Follow Us on LinkedIn | linkedin.com/company/georgetowncew